Democrats’ Plan Ending Big Oil’s Tax Breaks

[Kreskin]

WASHINGTON — Linking two of the politically volatile issues of the moment, Senate Democrats say they will move forward this week with a plan that would eliminate tax breaks for big oil companies and divert the savings to offset the deficit.

With high gas prices and rising federal deficits in the political spotlight, senior Democrats believe that tying the two together will put pressure on Senate Republicans to support the measure or face a difficult time explaining their opposition to voters whose family budgets are being strained by fuel prices.

http://www.nytimes.com/2011/05/09/us/politics/09congress.html?hp

 

[PoliticalNick]

I never could understand why the richest, most profitable corporations on the planet needed tax breaks or subsidies. What the hell will big money lobby come up with next? Medical expense and wrongful death deductions for the tobbaco industry? How about deductions for the banks on their repayments of trillions of taxpayer $$, if it ever gets repayed?

 

[mentalfloss]

That's very good of them.

Do we have a similar strategy up here?

 

[petros]

that's very good of them.

Do we have a similar strategy up here?

lmao

 

[mentalfloss]

Really?

Aren't we supposed to be further left of the U.S.? Or at least centre-right?

If we didn't follow suit on something like this, that would be putting us in very far right territory.

 

[petros]

They will pack up and leave AB and SK if we cut the massive credits. Didn't you know that?

 

[Tonington]

I wonder how much the price of oil has climbed since the introduction of the subsidies?

 

[PoliticalNick]

They will pack up and leave AB and SK if we cut the massive credits. Didn't you know that?

Who are you trying to kid? We have oil and gas and they want it, the oil companies aren't going anywhere. The laws of supply and demand will rule the day and as long as we have a supply ther will be a demand for it.
There was an interesting piece on CBC Newsworld just last week about how the cost of production from the oilsands is now almost equal with the cost of well-drilling, subsidies and tax credits are not needed unless your goal is to enable larger profits for the corps at taxpayer expense.

 

[petros]

Who are you trying to kid? We have oil and gas and they want it, the oil companies aren't going anywhere. The laws of supply and demand will rule the day and as long as we have a supply ther will be a demand for it.
There was an interesting piece on CBC Newsworld just last week about how the cost of production from the oilsands is now almost equal with the cost of well-drilling, subsidies and tax credits are not needed unless your goal is to enable larger profits for the corps at taxpayer expense.

I was being facetious. There are peeople who really believe it would happen. It's hillarious, it's like they think they're actually getting something out of it.

 

[PoliticalNick]

I was being facetious.

I did actually consider that after I posted the response. Sorry for jumping the gun a bit.

 

[petros]

No problem. Once Harper finishes what Chretien and Martin started Canada will be supplying the EU oil too after the Canada/EU Free Trade deal is done. There are no excuse to not raise royalties.

 

[damngrumpy]

They will threaten to leave, and they will stay and pay as well. America needs the oil.
What we should do is tear up those original agreements including the Free Trade deal.
One price for Canadians and another for the rest of the world.

 

[PoliticalNick]

They will threaten to leave, and they will stay and pay as well. America needs the oil.
What we should do is tear up those original agreements including the Free Trade deal.
One price for Canadians and another for the rest of the world.

Couldn't agree with you more. It's about time we looked after ourselves first.

 

[petros]

Threaten all they want. It has no substance.

 

[gopher]

I'm betting the Dems will cave in and continue to give away more corporate welfare to the greedy rich.

 

[The Old Medic]

This would not cost the oil companies a single cent. They would merely pass on any added costs to the consumers of their products. So, ending tax breaks would just cause to cost of gasoline, motor oil, petrochemicals, plastics, etc., etc. to skyrocket.

That's what is REALLY behind this, to force the cost of energy higher and higher, to attempt to force people into electric cars, to not use oil for heating, etc.

What most peope do not realize though is that oil is behind about 50% of the products that they use, ranging from clothing to medicines. All this would do is cause to prices of virtually everything to rise steeply.

 

[mentalfloss]

This would not cost the oil companies a single cent. They would merely pass on any added costs to the consumers of their products. So, ending tax breaks would just cause to cost of gasoline, motor oil, petrochemicals, plastics, etc., etc. to skyrocket.

That's what is REALLY behind this, to force the cost of energy higher and higher, to attempt to force people into electric cars, to not use oil for heating, etc.

What most peope do not realize though is that oil is behind about 50% of the products that they use, ranging from clothing to medicines. All this would do is cause to prices of virtually everything to rise steeply.

The money we need to spend on other products will come from the money we stop spending on gas.

 

[PoliticalNick]

.That's what is REALLY behind this, to force the cost of energy higher and higher, to attempt to force people into electric cars, to not use oil for heating, etc.

If that were the case the govt wouldn't have assisted the oil corps to kill the electric car so many times over the years. It is all about bigger & bigger profits for the oil companies.

 

[ironsides]

Does anybody really think that fuel prices will drop if tax breaks for big oil companies are cut or stopped? We have more taxes on fossil fuel in the works to more than make up for breaks the companies get, plus the companies will only add increases on the oil products we buy. Cutting taxes on major oil companies sure sounds great to the dumb tax payer.

 

[ironsides]

They don't want to change anything. We will continue to pay and lose jobs overseas.


The Senate on Wednesday blocked a Republican bill aimed at increasing lease sales for oil and gas drilling, one day after it rejected another energy-related measure proposed by Democrats that would have targeted tax subsidies for big oil companies. S.953, the “Offshore Production and Safety Act of 2011,” failed on a 42-to-57 vote, falling far short of the 60 votes necessary to overcome a filibuster.
Five Republicans – Sens. Jim DeMint (S.C.), Mike Lee (Utah), Richard Shelby (Ala.), Olympia Snowe (Maine) and David Vitter (La.) – joined all Democrats present in voting “no.” One member, Sen. Max Baucus (D-Mont.), was not present.
Republicans had contended that the energy plan would have helped reduce the price of gasoline, a key issue on the minds of voters and one that has dominated the legislative action on Capitol Hill over the past several weeks.

Senate blocks Republican drilling measure - 2chambers - The Washington Post